Warner Bros. shareholders were ‘consistently misled’ by Paramount, board says in rejection letter: There’s no Ellison family backstop, and never was

As Paramount detailed in regulatory filings about its pursuit, the sale process conducted by WBD was itself illusory, as its repeated interest was met with no serious engagement. Paramount told investors today that it continued to believe its bid was never taken seriously. “During the entirety of the sale ‘process’ undertaken by the Warner Bros. board, representatives of Warner Bros. did not provide a single markup of a single transaction document, have a single meeting to go page-by-page through the docume ...